TSX/NYSE/PSE: MFC SEHK:945
TORONTO/CAMBODIA/HONG KONG, Nov. 15, 2011 /CNW/ - Manulife Financial
today announces that it has received "approval in principle" from
Cambodia's Ministry of Economy and Finance to set up a wholly
foreign-owned life insurance operation. Cambodia expands Manulife
Asia's operations to an 11th territory.
David Wong, Senior Vice President, ASEAN Operations, said: "We are
grateful for the Cambodian Government's support. This expansion
demonstrates our commitment to Asia and our success as a
forward-thinking leading insurance company that offers strong and
reliable risk protection products and services to our customers.
"I am very excited to see Manulife expanding its footprint into
Cambodia. Manulife's last new entry was Vietnam, in 1999. We hope
that in Cambodia we can match the achievements of Manulife in other
ASEAN markets and help develop Cambodia's life insurance industry to
better serve the emerging life insurance needs of its population."
In entering the market, Manulife has agreed to support the Cambodian
government's efforts to develop the insurance profession and build
confidence in the industry, including through improved consumer
education. The company is currently working closely with the
government to expedite the final stages of the license approval. In
the meantime, it is now actively in the process of establishing its
operation in Cambodia, with its head office to be located in Phnom
With a population of 14.4 million, Cambodia is a World Trade
Organization member experiencing rapid economic growth and significant
foreign investment. Most importantly, Cambodia's commitment to
aligning its growth with the wider development of the Greater Mekong
region has unlocked great potential and given confidence to investors.
About Manulife Financial
Manulife Financial is a leading Canada-based financial services group
operating in 21 countries and territories worldwide. For more than 120
years, clients have looked to Manulife for strong, reliable,
trustworthy and forward-thinking solutions for their most significant
financial decisions. Our international network of employees, agents and
distribution partners offers financial protection and wealth management
products and services to millions of clients. We provide asset
management services to institutional customers worldwide as well as
reinsurance solutions, specializing in property and casualty
retrocession. Funds under management by Manulife Financial and its
subsidiaries were C$492billion (US$473 billion) as at September 30,
2011. The Company operates as Manulife Financial in Canada and Asia and
primarily as John Hancock in the United States. Manulife Financial
Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '945'
on the SEHK. Manulife Financial can be found on the Internet at manulife.com.
SOURCE Manulife Financial
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